Commenting on a Sunday press report, which was marred by inaccuracies, and aiming at establishing the truth and preventing the creation of false and misleading impressions, PPC S.A. would like to clarify the following:
The amount of loans issued by Greek banks, which are due on April 2019 and for which the company is at an advanced stage of discussions with the banks for their refinancing, amounts to €1.3 billion and not to €2.2 billion, as mentioned in said report. It is noted that the refinancing of similar loans is common practice and it is expected to be completed within a very short time.
Furthermore, as already announced, PPC is actively managing its loan portfolio. Within this context, PPC proceeded to a €150 million redemption out of a €500 million international bond loan maturing on 01.05.2019, thus reducing its debt accordingly and saving €8 million in interest expense. The above mentioned redemption was completed on February 23, 2018.
Moreover, PPC during the last three months has proceeded with the repayment of loans to Greek banks amounting to €25 million as well as with the refinancing of a €50 million loan with a Greek bank, thus reducing 2018 debt maturities.
The remaining 2018 debt maturities, mentioned in the report, are not included in the refinancing process, since such maturities will be paid as scheduled from the cash flow of the company. From 01.01.2018 until today, the company has already repaid debt maturities amounting to € 37 million.
The link stated in the said report between the refinancing process and the sale of HEDNO or of Distribution Network assets, is pure fantasy.
The Distribution Network is a valuable PPC asset and its development, modernisation and exploitation constitutes a strategic priority of PPC Group.
The fragmented references in the report to elements of the Strategic and Business Plan which is being elaborated by the Company in collaboration with Mckinsey, are far from giving an accurate overall picture. PPC will make the relevant announcements upon completion of its Business and Strategic Plan and its approval by the competent bodies of the Company.
Athens, February 26, 2018